define direct tax or indirect tax
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- DEFINITION of 'Indirect Tax'. A tax that increases the price of a good so that consumers are actually paying the tax by paying more for the products. An indirect tax is most often thought of as a tax that is shifted from one taxpayer to another, by way of an increase in the price of the good. Fuel, liquor and cigarette taxes are all considered examples of indirect taxes, as many argue that the tax is actually paid by the end consumer, by way of a higher retail price.
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- Noun. 1. direct tax-a tax paid directly by the person or organization on whom it is levied. revenue enhancement, tax, taxation-charge against a citizen's person or property or activity for the support of government. Translations. n → imposta diretta.
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income tax Definition of income tax. : a tax on the net income of an individual or a business.
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Sales tax From Wikipedia, the free encyclopedia. A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow (or require) the seller to collect funds for the tax from the consumer at the point of purchase.
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Tax A tax (from the Latin taxo; rate) is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures.A failure to pay, or evasion of or resistance to taxation, is usually punishable by law. poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of poll tax.
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Tax A tax (from the Latin taxo) is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is usually punishable by law.
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excise tax Definition of excise. 1  1 : an internal tax levied on the manufacture, sale, or consumption of a commodity. 2  2 : any of various taxes on privileges often assessed in the form of a license or fee.
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value added tax (VAT) value added tax (VAT) Indirect tax on the domestic consumption of goods and services, except those that are zero-rated (such as food and essential drugs) or are otherwise exempt (such as exports). It is levied at each stage in the chain of production and distribution from raw materials to the final sale based on the value (price) added at each stage.
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Flat tax A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A true flat tax would be a proportional tax, but implementations are often progressive and sometimes regressive depending on deductions and exemptions in the tax base.
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Excise tax Excise tax is a flat-rate tax that applies to specific goods, services, and activities. In the U.S., goods like alcohol and services like indoor tanning are assessed an excise tax, which applies to each unit or occurrence regardless of its cost.
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What is a 'Tax Rate' A tax rate is the percentage of an individual's taxable income or a corporation's earning that is owed to the state, federal and in some cases, municipal governments. In certain municipalities, regional income taxes are also imposed, increasing the tax burden for those residents.
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indirect quote Definition. A foreign exchange rate of a foreign currency per unit of the domestic currency. In terms of U.S. dollars, an indirect quote is the number of U.S. dollars that one unit of a foreign currency could buy.For example, an indirect quote for the Japanese Yen could be 110 Yen = US $1. opposite of direct quote.n terms of U.S. dollars, an indirect quote is the number of U.S. dollars that one unit of a foreign currency could buy. For example, an indirect quote for the Japanese Yen could be 110 Yen = US $1. opposite of direct quote.
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What is Tax? These are some of the common indirect taxes that you pay. 1  Sales Tax: As the name suggests, sales tax is a tax that is levied on the sale of a product. This product can be something that was produced in India or imported and can even cover services rendered.
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Types of Taxes 1 A proportional tax (sometimes called a flat tax) is a tax where everyone, regardless of income, pays the same fraction of income in taxes. ( 2 Proportional taxes can also be thought of as taxes where marginal and average tax rates are the same.).
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Direct tax The power of direct taxation applies to every individual ... it cannot be evaded like the objects of imposts or excise, and will be paid, because all that a man hath will he give for his head. This tax is so congenial to the nature of despotism, that it has ever been a favorite under such governments. ...
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- Definition: General sales taxes consist of all general taxes levied at one stage only (e.g. manufacturing or wholesale or retail) plus multi-stage cumulative taxes (also known as cascade taxes) where tax is levied each time a transaction takes place without any deduction for tax paid on inputs.
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- Another simple conversion method from C to F is to double the celsius, subtract 10%, add 32. For example: 100C = 2x100=200,200-20=180,add 32=212F. More about fahrenheit and celsius. Visit the Canadian holidays 2015 website for dates and info about holidays in Canada to help plan your vacations. 0 C is the freezing point of water (or more accurately the melting point of ice) and it is 32 F. 2  A 1 Celsius change is a change of 1.8 Fahrenheits while a 1 Fahrenheit change translates to a change of 0.55 Celsius.
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Corporate tax A corporate tax is a tax imposed on the taxable income of a corporation that are taxed at the entity level in a particular jurisdiction. Net taxable income for corporate tax is generally the financial statement income with modifications, and may be defined in great detail within each country's tax system.
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- Specific and ad valorem taxes. There are two types of indirect tax; specific and ad valorem. A unit tax is a set amount of tax per unit sold, such as a 10p tax on packets of cigarettes. In contrast, an ad valorem tax is a percentage tax based on the value added by the producer.
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- Indirect taxes can also be defined as fees that are levied equally upon taxpayers, no matter their income. This is a primary reason why they are thought of as taxes that are passed on, as the price of the tax is compensated for by simply increasing the overall price of the good or service.
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- Excise Tax defined and explained with examples. Excise tax is a tax on certain things that are made, sold, or used within a country.
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Flat tax Flat tax. A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A true flat tax would be a proportional tax, but implementations are often progressive and sometimes regressive depending on deductions and exemptions in the tax base.
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direct cost Also found in: Dictionary, Acronyms, Encyclopedia, Wikipedia. direct cost. A cost that can be directly related to producing specific goods or performing a specific service. For example, the wages of an employee engaged in producing a product can be attributed directly to the cost of manufacturing that product. Certain other costs such as depreciation and administrative expenses are more difficult to assign and are not considered direct costs.
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Tax A tax (from the Latin taxo; rate) is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is usually punishable by law.
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What is a 'Tax Rate' What is a 'Tax Rate'. A tax rate is the percentage at which an individual or corporation is taxed. The tax rate is the tax imposed by the federal government and some states based on an individual's taxable income or a corporation's earnings. The United States uses a progressive tax rate system, where the percentage of tax increases as taxable income. Next Up.
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- Define poll tax: a tax of a fixed amount per person levied on adults and often linked to the right to vote a tax of a fixed amount per person levied on adults and often linked to the right to vote… See the full definition
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Direct & Indirect Expenses: Definition & Examples Direct and Indirect Expenses Defined. Direct expenses are the expenses that a business incurs that are directly associated with a cost object. A cost object is any item for which costs are measured, including products, services, employees, and even entire departments. Indirect expenses are the expenses that a business incurs that are associated with operating the business as a whole and cannot be traced back to a specific cost object.